Tag Archives: Plano Home Insurance

Understanding Types of Car Insurance Coverage

Just as there are many types of cars, there are many different types of auto insurance policies, and many different ways to cover your car. For instance, most people don’t need to cover their “daily driver” car the same way they would cover their classic car or exotic auto. Let’s go over some different car insurance options together, so you go to bed smarter than you woke up this morning.

Usually, your every day car is covered by an actual cash value or “ACV” insurance policy. Most every day cars spend their lives both stuck in traffic and depreciating, so this is the most cost effective way to cover then on your insurance policy. ACV coverage means that you get paid the actual cash value of your car at the time of a loss. That means that you should reasonably be able to purchase another car of like kind should you have a claim. The one thing you should always consider is getting “gap” coverage if you are upside down on your auto loan. Lots of insurance companies offer it if you ask at time of purchase. Gap coverage covers the difference if you owe more than the ACV of your car.

The second type of coverage available to you is Stated Value coverage for your car. This type of policy allows you to tell the insurance company that your car is worth “X”, and then allows them to pay you up to that amount in the event of a loss. Yes, I said “up to”. That means that if the insurance company can make a case for paying you less than the value of your car, they will. We hear lots of people (and even some insurance agents) confuse stated value insurance with agreed value insurance – but in the simplest terms, and stated value policy just gives the insurance company a discussion point at claims time. It does not guarantee you the full value of your vehicle at the time of loss.

In order to guarantee the value of your vehicle at the time of loss, you must purchase an  “agreed value” insurance policy. Yes, you can get an agreed value policy on your daily driver car, if you choose to do so. However, the agreed value policy is usually intended for a collector car. Classic insurance., custom car insurance – even exotic car insurance is all written (or should be) on an agreed value insurance policy. Since agreed value policies are very specific in the coverage they offer, they are also very specific in their terms. Does your car qualify ? Are you interested in agreed value coverage? Then contact an insurance consultant today and discuss your needs.

See? Like I said, smarter than when you woke up this morning.

Lakewood Grill Hot Cakes and Hot Rods

There is very little that is better than a morning car show. The weather her in Texas is cool, there is coffee and great conversation over some just beautiful cars. As usual, plenty of our clients that insure their classic cars with us were there. auto insurance dallas auto insurance texas bentley insurance car collection insurance Car insurance Dallas collector car insurance plano collectors car insurance dallas collector car dallas insurance experts exotic car insurance texas friscos best insurance highland park auto insurance highland park home insurance highland park insurance home insurance dallas homeowners insurance texas houston exotic insurance plano home insurance rolls royce insurance texas insurance experts

Paloma Creek Sonic Sock Hop

nothing evokes the”good old days” like Sonic and classic cars. As usual, we were tooling around town in our antique milk truck, looking for a place where our classic insurance clients were hanging out. The Paloma Sonic Sock Hop was full of our friends, and we made some new friends there as well! best insurance dallas best insurance price dallas best insurance texas best price insurance dallas best price insurance texass best price texas insurance best rates dallas car insurance texas Dallas Auto Insurance Dallas best insurance agent dallas best Dallas car insurance dallas exotic insurance dallas ferrari insurance dallas home insurance (2) Dallas Home Insurance dallas insurance agent dallas insurance rate dallas top insurance ferrari dallas ferrari insurance agent Frisco Auto Insurance Frisco Car Insurance Frisco home insurance Frisco homeowners insurance Frisco Renters Insurance homeowners insurance insurance advice insurance rates dallas lamborghini insurance Plano auto insurance plano best agent Plano Car Insurance plano home insurance plano home owner insurance plano homeowners insurance plano liability insurance race car insurance race insurance texas auto insurance rate texas auto insurance texas car insurance texas home insurance texas homeowners insurance

What Insurance Companies do We Represent

As Independent Insurance Agents,  We sincerely believe that we are the best way to shop for any type of property insurance.  Home insurance, auto insurance, and even motorcycle and boat insurance. Why an independent agent? We are authorized to represent many different companies in order to give our clients plenty of options when it comes to their property and liability insurance. So what companies are we authorized to sell?

Allstate Insurance

ASI Lloyds

Condon Skelly

Berkley Classics

Dairyland

Encompass

Foremost

GMAC

Grundy Insurance

Hagerty Insurance

Homeowners of America

Imperial Fire

Infinity

Kemper

Mendota

Metlife

Progressive

Republic Insurance

Safeco

American Modern

Texas Fair Plan

Travelers

The Hartford

Universal

Wellington

Chubb Insurance

 

This is not a static list, as we are always seeking out new insurance companies in order to give our clients even more choices. Contact your insurance consultant today, and take a look at how your current insurance rate stacks up against one of our many insurance companies.

 

Red White and Boom McKinney 2015

McKinney, Texas put on a great car show on the 4th of July, 2015. As usual we ran into lots of classic car insurance customers, and even some modern collectible car insurance customers. We love going to shows, and nothing makes your heart swell with American Pride on Independence Day more than an incredible lineup of (mostly) American steel. addison auto insurance addison car insurance addison collector insurance addison home insurance addison renters insurance car collection insurance carrollton home insurance collecots insurance dallas auto insurance dallas best agent dallas car insurance dallas classic auto insurance dallas classic car insurance dallas exotic car dallas exotic car insurance dallas exotic car insurnace dallas ferrari insurance dallas home insurance dallas homeowners insurance dallas insurance agent dallas lamborghini insurance dallas renters insurance frisco auto insurance frisco car insurance frisco classic car insurance frisco exotic car frisco exotic insurance frisco home insurane frisco homeowners insurance frisco renters insurance home insurance irving home insurance southlake independent insurance insurance advisor dallas insurance advisor plano insurance consultant dallas insurance consulting plano auto insurance plano car insurance plano classic auto insurance plano classic car insurance plano exotic auto insurance plano exotic auto plano exotic car insurance plano home insurance plano homeonwers insurance plano homeowners insurance plano insurance agent plano renters insurance race car insurance top rated insurance

Plano, Texas Shelby Car Show

Carroll Shelby was a rare person. This show in Plano, Texas gathered many of our classic auto insurance clients together on a beautiful Sunday to honor the cars of Carroll Shelby.auto insurance texasbest agent dallas car insurance texas exotic car insurance houston exotic car insurance texas ferrari insurance austin ferrari insurance dallas ferrari insurance houston home insurance austin home insurance colorado home insurance dallas home insurance denver home insurance frisco home insurance garland home insurance new mexico home insurance plano home insurance richardson home insurance southlake home insurance texas independent agent dallas independent agent texas lamborghini insurance austin lamborghini insurance dallas lamborghini insurance houston lamborghini insurance plano lamborghini insurance southlake lamborghini insurance texas lamborghini insurance

Four Types Of Policies For Your Home In Dallas

Now that you know how you should value your home for insurance, I’m going to take a few moments to tell you about some insurance coverage options for your home. In Texas, there are several different types of insurance policies, and today we will talk about four of the options you have to choose from. These are not all of your options, but they are the main four you will most likely encounter (and no, State Farm is not a magical policy not offered elsewhere).  Each type of policy has its ins and outs, so take a few minutes to read about what kinds of choices are available to you when you purchase a homeowner’s insurance policy in Dallas or anywhere.

1. The most basic type of home policy is a “Dwelling Fire” policy. Dwelling fire policies cover a very limited list of risks, with the most basic covering your home for fire only. These are generally intended for investment type properties, because they typically do not cover your personal propery inside the structure. If you want to just cover your home for the most basic of perils, this is what you want. I wouldn’t choose one of these policies without making sure that your home is covered for at least fire and wind. In Dallas, we get plenty of hail, and if you want your home policy to cover the roof, make sure you request that coverage as well. I certainly wouldn’t recommend this for your home, as the difference in price between a dwelling fire policy and an actual homeowner’s policy is usually negligible.

A photo of hailstones from the first storm in the Dallas area in 2016.
Pictures: Hail.

2. The  standard homeowner’s policy (and the minimum type of coverage we recommend for someone living in a house) is an HO-A type policy. An Ho-A policy covers wind, hail, fire, and theft, along with other named perils. The big thing missing from an HO-A type policy is sudden and accidental water damage – like if your dishwasher breaks.  An HO-A policy with replacement cost coverage is a good solid basic type of insurance policy  for your home.

Pictured: Theft.

3. The Ho-3 policy is a more comprehensive policy, that generally automatically includes some futher coverages. Things  like foundation water damage coverage, accidental water damage, and replacement cost content coverage are generally included with the HO-3. An HO-3 type policy is more of an “open” perils type policy – that means it covers more – though the limits offered for some of the extended coverage can be can be farly low.

4. The Ho-B policy. This is the Big Daddy home policy in Texas. The HOB is the most comprehensive type policy you can get for your home – it covers your house on an “all perils’ basis, meaning that unless it is specifically excluded, it’s covered. An HO-B comes with replacement cost coverage for your things and your house, it covers water damage and quite often includes some mold coverage. The HOB is generally only available to newer homes, usually no home built more than 30 years ago is eligible for this plan.

Pictured: Big Daddy Kane.

There are lots of choices when it comes to home insurance – especially here in the Dallas area. Make sure you are informed when buying home insurance; quite often, the HO-A from one company might be within a few dollars of another company’s HO-3. More coverage is always better in my eyes, but then again I am an insurance guy.

The Phoenix Insurance – Homeowners Insurance In Dallas

When it Comes To Insurance, How Should You Value Your Home?

I can’t tell you how many times I hear “That’s not what it appraised for” or “That’s not what I paid for the place” when I talk to clients about the amount that the insurance company wants to cover their house for. So I’m going to explain it to you, gentle reader, and help you understand why the insurance company wants to cover your house for “so much money”.

1. Appraisal value and sale value are just numbers.
The appraisal value is what the county thinks your house is worth – and everyone fights that number so they can pay less taxes anyway. Appraisal value is what you could theoretically sell your home for. Sales price is what you actually pay for your house. Sometimes (most times) the appraisal and the sale price are a vastly different number than what you should insure your house for.

You should insure it for more.

2. Replacement cost coverage is there to help you replace your house – it’s what you want.
Unlike when you wreck a car, if you have a house fire or something else happens to your house, you are married to the land it was built on. You don’t just toss them the keys and buy another house; you rebuild. Most people don’t consider the cost of debris removal when it comes to their coverage. When your house burns, you will have to take away all of the burned up house bits and build a new house. I don’t know if you have done any major rennovations lately, but debris removal is pricey. Insurance companies build a lot of houses every year, and they know what it costs to rebuild – and to take away the trash. Every company has a “replacement cost calculator” that they use to make the estimate. They ask lots of detailed questions about the house to arrive at the coverage. If you have bought a replacement cost policy and haven’t answered a ton of questions about your house, your coverage may not be accurate.

I guess if you have a pickup, you could save a few bucks on removal...

3. Actual Cash Value is a fool’s game.
Actual Cash Value (or ACV) coverage is a differnt kind of coverage – basically, you pick the number that you think your house should be insured for, and then get ready to be angry at claims time. This is the kind of home insurance that people who want to “just insure the house for what I paid” get. Well, here you get less than you insure for – and I’ll explain. An ACV coverage covers the home for Actual Cash Value – Less Depreciation. That “less depreciation” is the kicker there – say you have an average house, built in 1974, that you paid $140,000 for – that house is 37 years old, and will be depreciated somewhere beteween one and two percent per year for 37 years. Even if it is only 1% depreciation, it means that your home would be valued at $88,000 – before you pay your $1500 deductible. If the place were to burn down, you would be doing well to put up a trailer where your house once stood.

Home Sweet Home

Your home reperesents a significant investment – but more important, it is your home, a place where you will be dry and out of the cold, where you will hang photos of your kids, your dogs – and photos of your kid’s dogs.  When people come to me with lower coverage than they need, or whith an ACV policy, or with a really high deductible, it is because they didn’t take charge of their insurance.  Generally, when they have these “bad” policies, the price difference is negligible when compared to a policy that actually covers them well.

Don't save pennies to cost yourself thousands.

Crazy Clown Good Advice About Homeowner’s Insurance in Dallas

It’s best to know what kind of insurance is available to you; many policies have coverage you may not know are there, but that are valuable. Likewise, many policies are loaded up with coverage that you may not ever need, but are still paying for. Don’t be held captive by your insurance company. Knowledge is power.